Energy Select Sector SPDR Fund (XLE): Historical Returns

Data Source: from January 1985 to May 2023 (~38 years)
Consolidated Returns as of 31 May 2023
Live Update: Jun 06 2023
Category: Stocks
ETF: Energy Select Sector SPDR Fund (XLE)
ETF • LIVE PERFORMANCE (USD currency)
0.81%
1 Day
Jun 06 2023
4.47%
Current Month
June 2023

In the last 30 Years, the Energy Select Sector SPDR Fund (XLE) ETF obtained a 7.51% compound annual return, with a 24.45% standard deviation.

In 2022, the ETF granted a 5.90% dividend yield. If you are interested in getting periodic income, please refer to the Energy Select Sector SPDR Fund (XLE) ETF: Dividend Yield page.

The ETF is related to the following investment themes:

  • Asset Class: Equity
  • Size: Large Cap
  • Style: Blend
  • Region: North America
  • Country: U.S.
  • Sector: Energy
  • Industry: Oil & Gas Exploration & Production

The Energy Select Sector SPDR Fund (XLE) ETF is part of the following Lazy Portfolios:

Portfolio Name Author XLE Weight
Six Ways from Sunday Scott Burns 16.66%
Seven Value Scott Burns 14.25%
Perfect Portfolio Ben Stein 4.00%

Historical Returns as of May 31, 2023

Historical returns and Metrics of Energy Select Sector SPDR Fund (XLE) ETF.

Returns and metrics are calculated based on monthly returns, assuming:
  • No fees or capital gain taxes
  • the reinvestment of dividends

ETF Returns, up to December 1998, are retrieved using the historical series of equivalent ETFs / Assets.
ENERGY SELECT SECTOR SPDR FUND (XLE) ETF
Portfolio Metrics
Data Source: 1 January 1985 - 31 May 2023 (~38 years)
Swipe left to see all data
Metrics as of May 31, 2023
1M 3M 6M 1Y 3Y 5Y 10Y 20Y 30Y MAX
(~38Y)
Portfolio Return (%) -10.03 -7.55 -14.24 -8.41 31.48 5.33 3.37 8.75 7.51 9.14
US Inflation (%) 0.00 0.84 1.90 3.79 5.77 3.81 2.68 2.55 2.51 2.79
Infl. Adjusted Return (%) -10.03 -8.32 -15.84 -11.75 24.31 1.46 0.67 6.05 4.88 6.18
Waiting for updates, inflation of May 2023 is temporarily set to 0%. Returns / Inflation rates over 1 year are annualized.
RISK INDICATORS
Standard Deviation (%) 35.82 35.03 37.85 29.62 26.38 24.45 23.15
Sharpe Ratio -0.32 0.87 0.11 0.09 0.29 0.22 0.22
Sortino Ratio -0.51 1.35 0.15 0.13 0.40 0.31 0.31
MAXIMUM DRAWDOWN
Drawdown Depth (%) -17.12 -23.68 -58.14 -63.91 -63.91 -63.91 -63.91
Start (yyyy mm) 2022 06 2020 06 2018 08 2014 07 2014 07 2014 07 2014 07
Bottom (yyyy mm) 2022 06 2020 10 2020 03 2020 03 2020 03 2020 03 2020 03
Start to Bottom (# months) 1 5 20 69 69 69 69
Start to Recovery (# months) in progress
5
7
42
93
93
93
93
ROLLING PERIOD RETURNS - Annualized
Best Return (%) 109.61 48.56 31.68 16.76 13.96 10.69
Worst Return (%) -52.34 -21.66 -14.48 -4.03 1.85 4.69
% Positive Periods 70% 75% 85% 95% 100% 100%
MONTHS
Positive 0 1 2 6 21 33 62 139 203 268
Negative 1 2 4 6 15 27 58 101 157 193
% Positive 0% 33% 33% 50% 58% 55% 52% 58% 56% 58%
WITHDRAWAL RATES (WR)
Safe WR (%) 47.46 15.84 8.66 11.45 6.88 9.04
Perpetual WR (%) 19.56 1.44 0.67 5.70 4.66 5.82
Terms and Definitions
  • Annualized Portfolio Return: it's the annualized geometric mean return of the ETF
  • Standard Deviation: it's a measure of the dispersion of returns around the mean
  • Sharpe Ratio: it's a measure of risk-adjusted performance of the ETF. It's calculated by dividing the excess return of the ETF over the risk-free rate by the ETF standard deviation. The risk-free rate here considered is the 1-3 Mth T-Bill return.
  • Sortino Ratio: another measure of risk-adjusted performance of the ETF. It's a modification of the Sharpe Ratio (same formula but the denominator is the ETF downside standard deviation).
  • Maximum Drawdown: a drawdown refers to the decline in value from a relative peak value to a relative trough. A maximum drawdown is the maximum observed loss from a peak to a trough of a portfolio before a new peak is attained.
  • Rolling Returns: returns over a time frame (best, worst, % of positive returns).
  • Pos./Neg. Months: number of months with positive/negative return.
  • Safe Withdrawal Rate (SWR): it's the percentage of the original portfolio balance that can be withdrawn at the end of each year with inflation adjustment, without the portfolio running out of money (dollar amount withdrawal).
  • Perpetual Withdrawal Rate (PWR): it's the percentage of portfolio balance that can be withdrawn at the end of each year, while retaining the inflation adjusted portfolio balance (percentage withdrawal).

Correlations as of May 31, 2023

Correlation measures to what degree the returns of the two assets move in relation to each other.

Correlation coefficient is a numerical value between -1 and +1.

If one variable goes up by a certain amount, the correlation coefficient indicates which way the other variable moves and by how much.

Asset correlations are calculated based on monthly returns.

Monthly correlations of Energy Select Sector SPDR Fund (XLE) ETF vs the main Asset Classes, over different timeframes. Columns are sortable (click on table header to sort).

ENERGY SELECT SECTOR SPDR FUND (XLE) ETF
Monthly correlations as of 31 May 2023
Swipe left to see all data
Correlation vs XLE
 
Asset Class 1 Year 5 Years 10 Years 30 Years Since
Jan 1992
US Total Stock Market
VTI
0.76
0.67
0.65
0.62
0.62
US Large Cap
SPY
0.76
0.66
0.64
0.62
0.61
US Small Cap
IJR
0.78
0.76
0.73
0.63
0.62
US REITs
VNQ
0.64
0.54
0.44
0.40
0.41
US Technology
QQQ
0.46
0.45
0.42
0.38
0.37
Preferred Stocks
PFF
0.32
0.49
0.42
0.29
0.29
EAFE Stocks
EFA
0.63
0.66
0.63
0.61
0.61
World All Countries
VT
0.71
0.69
0.67
0.65
0.65
Emerging Markets
EEM
0.31
0.54
0.52
0.55
0.55
Europe
VGK
0.68
0.66
0.63
0.60
0.60
Pacific
VPL
0.54
0.61
0.58
0.53
0.52
Latin America
FLLA
0.81
0.65
0.58
0.57
0.57
US Total Bond Market
BND
0.33
0.07
0.03
0.01
0.02
Long Term Treasuries
TLT
0.11
-0.31
-0.30
-0.25
-0.24
US Cash
BIL
-0.20
-0.30
-0.19
-0.03
-0.03
TIPS
TIP
0.60
0.21
0.19
0.13
0.14
Invest. Grade Bonds
LQD
0.41
0.28
0.25
0.17
0.18
High Yield Bonds
HYG
0.72
0.61
0.60
0.46
0.46
International Bonds
BNDX
0.42
0.09
0.04
0.06
0.07
Emerg. Market Bonds
EMB
0.46
0.42
0.39
0.36
0.36
Gold
GLD
0.09
-0.06
-0.02
0.09
0.10
Commodities
DBC
0.89
0.71
0.69
0.64
0.64

Capital Growth as of May 31, 2023

Capital growth, returns, stats are calculated assuming a reinvestment of dividends.

If you are interested in getting periodic income, please refer to the Energy Select Sector SPDR Fund (XLE) ETF: Dividend Yield page.

An investment of 1000$, since June 1993, now would be worth 8791.50$, with a total return of 779.15% (7.51% annualized).

The Inflation Adjusted Capital now would be 4178.93$, with a net total return of 317.89% (4.88% annualized).
An investment of 1000$, since January 1985, now would be worth 28820.97$, with a total return of 2782.10% (9.14% annualized).

The Inflation Adjusted Capital now would be 10004.01$, with a net total return of 900.40% (6.18% annualized).

Drawdowns

A drawdown refers to the decline in value from a relative peak value to a relative trough. A maximum drawdown is the maximum observed loss from a peak to a trough of a portfolio before a new peak is attained.

ENERGY SELECT SECTOR SPDR FUND (XLE) ETF
Drawdown periods
Updated to May 2023

Worst drawdowns since June 1993.

Swipe left to see all data
Drawdown period
Recovery period
Total
Drawdown Start Bottom #Months End #Months #Months
-63.91% Jul 2014 Mar 2020 69 Mar 2022 24 93
-53.13% Jul 2008 Feb 2009 8 Jul 2013 53 61
-35.68% May 2001 Sep 2002 17 Jul 2004 22 39
-32.23% Oct 1997 Aug 1998 11 May 2000 21 32
-17.12% Jun 2022 Jun 2022 1 Oct 2022 4 5
-15.01% Sep 1993 Jan 1995 17 May 1995 4 21
-14.24% Dec 2022 May 2023 6 in progress 6
-12.29% Jan 2008 Jan 2008 1 Apr 2008 3 4
-9.23% Feb 2006 Feb 2006 1 Jul 2006 5 6
-9.11% Jun 2000 Jul 2000 2 Aug 2000 1 3
-9.04% Oct 2005 Oct 2005 1 Jan 2006 3 4
-8.87% Feb 1997 Feb 1997 1 May 1997 3 4
-8.56% Aug 2006 Sep 2006 2 Nov 2006 2 4
-7.82% Oct 2000 Nov 2000 2 Dec 2000 1 3
-7.22% Mar 2005 Apr 2005 2 Jun 2005 2 4
-7.21% Jan 2001 Mar 2001 3 Apr 2001 1 4
-5.80% Jan 2014 Jan 2014 1 Mar 2014 2 3
-5.74% Jun 1995 Oct 1995 5 Dec 1995 2 7
-5.68% Dec 2006 Feb 2007 3 Mar 2007 1 4
-5.22% Jul 1996 Jul 1996 1 Sep 1996 2 3

Worst drawdowns since January 1985.

Swipe left to see all data
Drawdown period
Recovery period
Total
Drawdown Start Bottom #Months End #Months #Months
-63.91% Jul 2014 Mar 2020 69 Mar 2022 24 93
-53.13% Jul 2008 Feb 2009 8 Jul 2013 53 61
-35.68% May 2001 Sep 2002 17 Jul 2004 22 39
-32.23% Oct 1997 Aug 1998 11 May 2000 21 32
-31.70% Sep 1987 Nov 1987 3 Mar 1989 16 19
-17.12% Jun 2022 Jun 2022 1 Oct 2022 4 5
-15.01% Sep 1993 Jan 1995 17 May 1995 4 21
-14.24% Dec 2022 May 2023 6 in progress 6
-14.05% Sep 1991 Mar 1992 7 Feb 1993 11 18
-13.13% Dec 1985 Jul 1986 8 Sep 1986 2 10
-12.55% Aug 1990 Jan 1991 6 Aug 1991 7 13
-12.29% Jan 2008 Jan 2008 1 Apr 2008 3 4
-9.23% Feb 2006 Feb 2006 1 Jul 2006 5 6
-9.11% Jun 2000 Jul 2000 2 Aug 2000 1 3
-9.04% Oct 2005 Oct 2005 1 Jan 2006 3 4
-8.87% Feb 1997 Feb 1997 1 May 1997 3 4
-8.56% Aug 2006 Sep 2006 2 Nov 2006 2 4
-7.82% Oct 2000 Nov 2000 2 Dec 2000 1 3
-7.22% Mar 2005 Apr 2005 2 Jun 2005 2 4
-7.21% Jan 2001 Mar 2001 3 Apr 2001 1 4

Rolling Returns ( more details)

A rolling return is a measure of investment performance that calculates the return of an investment over a set period of time, with the starting date rolling forward. This approach can provide a more accurate representation of the investment's historical performance and helps investors to evaluate the investment's consistency over time.

ENERGY SELECT SECTOR SPDR FUND (XLE) ETF
Annualized Rolling Returns
Data Source: from January 1985 to May 2023
Swipe left to see all data
Rolling
Period
Annualized Return (%) Negative
Periods
Average Latest Best Worst
1 Year
11.99 -8.41 109.61
Nov 2020 - Oct 2021
-52.34
Apr 2019 - Mar 2020
30.22%
2 Years
10.29 26.46 85.17
Nov 2020 - Oct 2022
-32.97
Oct 2018 - Sep 2020
26.94%
3 Years
8.84 31.48 48.56
Apr 2020 - Mar 2023
-21.66
Apr 2017 - Mar 2020
24.88%
5 Years
8.41 5.33 31.68
May 2003 - Apr 2008
-14.48
Apr 2015 - Mar 2020
15.42%
7 Years
8.29 6.56 18.31
Jul 2001 - Jun 2008
-11.31
Nov 2013 - Oct 2020
8.47%
10 Years
8.54 3.37 16.76
Dec 1987 - Nov 1997
-4.03
Nov 2010 - Oct 2020
4.97%
15 Years
8.62 2.37 14.34
Jan 1993 - Dec 2007
-1.30
Oct 2005 - Sep 2020
1.06%
20 Years
9.04 8.75 13.96
Jan 1988 - Dec 2007
1.85
Nov 2000 - Oct 2020
0.00%
30 Years
8.25 7.51 10.69
Jan 1985 - Dec 2014
4.69
Apr 1990 - Mar 2020
0.00%
Annualized rolling and average returns over full calendar month periods

If you need a deeper detail about rolling returns, please refer to the Energy Select Sector SPDR Fund (XLE) ETF: Rolling Returns page.

Previous vs subsequent Returns

Considering all 10-year rolling periods, is there a relationship between past and future returns, at a given date?

In the following chart, we show how past returns (x-axis) and subsequent returns (y-axis) are related.

Neighboring data is aggregated and occurrences are indicated. It is possible to zoom by clicking or drawing the desired area

ENERGY SELECT SECTOR SPDR FUND (XLE) ETF
Previous vs Next Returns - 10 Years annualized
Updated to May 2023

The annualized return of the last 10 years has been 3.37% (updated at May 31, 2023).

Seasonality

Energy Select Sector SPDR Fund (XLE) ETF: in which months is it better to invest?

Both the Average Return and the Gain Frequency (Win %) are useful to get an idea of what happened in the past.

For further information about the seasonality, check the Asset Class Seasonality page.
Swipe left to see all data
Monthly Average Return (%) and Gain Frequency
Return (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Average
Gain Frequency
5.11
80%
1.92
60%
-3.97
60%
6.50
60%
0.52
60%
-0.81
60%
-0.70
40%
-2.44
20%
-1.75
60%
3.55
40%
4.86
60%
-0.39
60%
 Capital Growth on monthly avg returns
100
105.11
107.13
102.87
109.56
110.13
109.24
108.48
105.83
103.97
107.66
112.90
112.46
Best 18.8
2022
22.5
2021
9.3
2022
30.8
2020
16.0
2022
9.4
2019
9.7
2022
2.7
2022
9.0
2021
25.0
2022
28.0
2020
6.0
2019
Worst -11.0
2020
-15.3
2020
-34.3
2020
-1.7
2022
-11.1
2019
-17.1
2022
-8.3
2021
-8.3
2019
-14.6
2020
-11.3
2018
-5.0
2021
-12.4
2018
Monthly Seasonality over the period Jun 2018 - May 2023
Swipe left to see all data
Monthly Average Return (%) and Gain Frequency
Return (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Average
Gain Frequency
1.21
50%
0.36
50%
-0.85
60%
6.00
70%
-0.24
50%
-0.17
50%
-0.80
40%
-1.91
30%
-0.77
60%
2.59
40%
2.59
60%
-0.28
60%
 Capital Growth on monthly avg returns
100
101.21
101.57
100.70
106.74
106.49
106.31
105.45
103.44
102.64
105.30
108.03
107.72
Best 18.8
2022
22.5
2021
10.2
2016
30.8
2020
16.0
2022
9.4
2019
9.7
2022
2.7
2022
10.2
2017
25.0
2022
28.0
2020
6.0
2019
Worst -11.0
2020
-15.3
2020
-34.3
2020
-2.9
2017
-11.1
2019
-17.1
2022
-8.3
2021
-8.3
2019
-14.6
2020
-11.3
2018
-8.7
2014
-12.4
2018
Monthly Seasonality over the period Jun 2013 - May 2023
Swipe left to see all data
Monthly Average Return (%) and Gain Frequency
Return (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Average
Gain Frequency
0.88
49%
1.57
62%
1.99
67%
3.68
72%
1.39
56%
-0.56
47%
0.22
63%
0.04
58%
-0.16
50%
0.49
53%
0.29
53%
1.52
68%
 Capital Growth on monthly avg returns
100
100.88
102.46
104.51
108.35
109.85
109.24
109.48
109.53
109.35
109.89
110.21
111.88
Best 18.8
2022
22.5
2021
14.1
1999
30.8
2020
16.0
2022
9.4
2019
9.7
2022
14.8
1986
16.1
1998
25.0
2022
28.0
2020
13.1
2003
Worst -12.3
2008
-15.3
2020
-34.3
2020
-5.5
1990
-11.5
2010
-17.1
2022
-15.9
2008
-18.0
1998
-14.9
2008
-23.4
1987
-9.1
1991
-12.4
2018
Monthly Seasonality over the period Jan 1985 - May 2023

Monthly/Yearly Returns

Energy Select Sector SPDR Fund (XLE) ETF data source starts from January 1985: let's focus on monthly and yearly returns.

We are providing two different views:
  • Histogram: it shows the distribution of the returns recorded so far
  • Plain Table: it shows the detailed monthly and yearly returns
MONTHLY RETURNS HISTOGRAM
Jan 1985 - May 2023
268 Positive Months (58%) - 193 Negative Months (42%)
MONTHLY RETURNS TABLE
Jan 1985 - May 2023
(Scroll down to see all data)
Swipe left to see all data
Yearly Return(%)
Monthly Return(%)
Year Total Infl.Adj Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2023
-11.54 -13.46 2.8 -6.9 0.0 2.8 -10.0
2022
+64.17 +54.22 18.8 7.1 9.3 -1.7 16.0 -17.1 9.7 2.7 -9.6 25.0 1.3 -3.0
2021
+53.31 +43.24 3.7 22.5 3.0 0.7 5.7 4.2 -8.3 -2.0 9.0 10.3 -5.0 3.0
2020
-32.51 -33.42 -11.0 -15.3 -34.3 30.8 2.0 -1.1 -4.8 -1.1 -14.6 -4.1 28.0 4.5
2019
+11.73 +9.24 11.2 2.3 2.1 0.0 -11.1 9.4 -1.6 -8.3 3.9 -2.1 1.6 6.0
2018
-18.21 -19.74 3.6 -10.8 1.7 9.5 3.0 0.6 1.6 -3.5 2.4 -11.3 -1.6 -12.4
2017
-0.90 -2.95 -3.2 -2.1 -1.5 -2.9 -3.5 -0.1 2.6 -5.5 10.2 -0.8 1.8 5.3
2016
+28.02 +25.41 -3.5 -2.8 10.2 9.1 -0.9 2.7 -1.3 1.7 3.7 -2.8 8.5 1.7
2015
-21.47 -22.04 -4.6 4.6 -1.2 6.6 -5.2 -3.5 -7.7 -4.3 -7.2 11.2 0.0 -10.5
2014
-8.70 -9.39 -5.8 5.1 2.1 5.3 1.7 5.5 -3.5 2.2 -7.8 -3.5 -8.7 -0.2
2013
+26.25 +24.38 8.3 0.4 2.5 -1.3 2.8 -2.3 5.3 -1.0 2.1 4.2 0.1 2.9
2012
+5.20 +3.40 2.3 5.9 -3.8 -0.7 -10.7 4.8 4.9 2.7 3.1 -2.0 -1.2 1.0
2011
+2.84 -0.12 7.2 7.4 1.9 0.9 -4.2 -1.9 1.5 -10.2 -14.4 19.1 1.7 -2.0
2010
+21.78 +19.99 -4.4 3.0 2.8 4.2 -11.5 -5.9 8.4 -4.9 10.0 5.7 5.9 9.3
2009
+21.79 +18.57 -1.8 -12.3 3.8 7.8 12.9 -6.5 5.3 1.1 5.8 2.5 2.8 0.9
2008
-38.97 -39.02 -12.3 9.3 -2.3 10.4 5.2 3.2 -15.9 0.3 -14.9 -18.8 -2.2 -4.5
2007
+36.88 +31.51 -0.9 -2.0 6.3 5.1 7.8 1.3 0.0 1.2 7.4 2.5 -4.2 8.3
2006
+18.08 +15.15 14.6 -9.2 4.2 5.0 -2.8 2.5 3.3 -5.1 -3.7 4.3 8.6 -2.8
2005
+40.17 +35.54 3.4 16.8 -1.9 -5.4 2.8 7.0 7.1 6.4 6.3 -9.0 1.5 1.8
2004
+33.94 +29.71 2.3 5.3 -0.6 1.7 -0.3 6.2 3.1 -1.5 9.8 0.6 6.7 -2.8
2003
+25.82 +23.50 -2.5 2.9 0.1 -0.9 10.6 -1.3 -3.5 6.4 -2.1 1.0 0.8 13.1
2002
-14.69 -16.67 -3.6 3.4 8.8 -3.6 -1.8 -3.7 -13.9 1.5 -7.1 1.8 4.1 0.0
2001
-18.13 -19.39 -3.2 -1.2 -3.0 10.3 -0.9 -9.1 -1.2 -4.2 -9.6 4.0 -5.6 5.7
2000
+24.39 +20.31 0.8 -4.2 12.5 -1.5 11.7 -5.5 -3.8 10.9 1.6 -2.7 -5.2 10.2
1999
+17.95 +14.87 -6.6 -0.9 14.1 14.8 -2.2 2.0 1.9 1.1 -4.6 -1.5 -0.2 0.7
1998
-20.54 -21.80 -6.1 6.5 4.8 1.1 -4.3 -2.4 -9.9 -18.0 16.1 2.0 -5.8 -2.5
1997
+14.89 +12.96 4.0 -8.9 1.2 0.3 8.6 2.2 7.1 2.0 6.4 -1.7 -6.2 0.5
1996
+34.00 +29.69 -0.7 2.2 6.0 6.9 -1.2 1.3 -5.2 3.9 4.1 6.8 5.7 0.5
1995
+25.31 +22.21 -3.3 4.7 6.5 4.0 3.4 -2.7 1.9 0.6 -0.8 -4.7 5.4 8.8
1994
-1.61 -4.18 4.7 -2.4 -4.8 6.5 1.2 0.0 2.7 -1.5 -1.1 5.1 -9.0 -1.9
1993
+26.53 +23.14 4.1 9.1 6.9 4.3 3.6 -0.2 0.4 7.8 -1.9 -1.3 -8.7 1.0
1992
+6.11 +3.12 -2.3 0.8 -3.3 7.0 5.8 -6.1 5.9 1.8 0.5 -2.7 -2.7 2.0
1991
+0.29 -2.69 -3.3 10.0 -1.2 1.9 1.0 -5.3 5.6 2.6 -1.8 0.7 -9.1 0.4
1990
-1.36 -7.03 -3.0 2.7 1.4 -5.5 9.7 -2.2 6.5 -1.1 -1.5 -5.8 1.8 -3.3
1989
+43.45 +37.08 7.9 -0.2 5.2 5.1 0.7 0.8 3.7 2.8 1.1 -2.4 4.5 7.9
1988
+21.35 +16.21 5.5 5.5 4.4 3.2 -2.4 0.4 1.9 -2.8 -1.6 2.7 -0.4 3.5
1987
+6.14 +1.63 11.1 0.3 13.2 -1.3 5.2 3.6 5.3 0.9 -3.7 -23.4 -7.5 7.8
1986
+12.69 +11.46 -5.1 -1.6 -1.6 1.2 7.5 -0.9 -8.1 14.8 0.6 3.6 1.9 1.5
1985
+14.41 +10.22 5.0 4.4 2.2 2.0 -1.8 -1.3 1.4 1.4 -2.4 6.1 1.8 -4.6

ETF Returns, up to December 1998, are simulated. They have been calculated using the historical series of equivalent ETFs / Assets.